Dubai-Based VC Firm Middle East Venture Partners (Mevp) Invests In Wego, The Middle EastS Leading Online Travel Company
Wego, the largest online travel marketplace across the Middle East and North Africa (MENA) region, and MEVP, a top financial backing company focused on the region, today revealed that MEVP invested in Wego, in exchange for an equity possession.
MEVP is purchasing Wego as part of the company's latest equity round together with MBC Group (Middle East Broadcasting Centre), which had announced a financial investment and strategic partnership with Wego in July. MEVP will draw on its origins and heritage in MENA to reinforce and expand Wego's regional footprint.
Wego was established in Singapore in 2005 however is currently dual-headquartered in Dubai and Singapore after videotaping fast development throughout MENA. Wego got in the region early by launching a completely local experience in the nick of time to meet the need from a brand-new generation of travelers wanting to look for and publication trips and hotels on their smart devices. Wego swiftly expanded to become the most prominent and trusted travel contrast solution in the region with over 10 million month-to-month gos to by teaming up with over 700 local and global airlines, hotels and online travel agents.
" With Wegos rapid MENA expansion we decided to look for smart financiers from the region that have deep experience and links and in MEVP we have actually certainly found that and a lot more," commented Ross Veitch, Wego CEO & Co-Founder. I welcome the MEVP investment and I look forward to working with the team at MEVP as we develop Wegos business across the MENA region.
Walid Hanna, MEVP Founder and CEO, added, "Online traveling in MENA is a huge upright and continuouslies grow rapidly assisted by a change in consumer behavior from offline to online. Wego is taking advantage of such positive market dynamics and is currently a leading travel brand that is extremely recognized by vacationers in the region, particularly Saudi Arabia. We are likewise pleased to have media gigantic MBC onboard as a tactical partner with whom we have had 3 various other successful collaborations on various other systems. Wego has an interesting development strategy and with the assistance of MBC and MEVP, our company believe it is well placed to dominate the traveling metasearch play in MENA."
MEVP is the pioneer and largest VC company in the MENA region with offices in Dubai and Beirut. MEVP recently revealed an investment by Mohamed Alabbar, Founder & Chairman of Emaar Properties, into MEVP.
MEVP joins existing Wego investors including Tiger Global Management, Crescent Point Group and Square Peg Resources. Dubai-based investment bank Arqaam Capital helped facilitate this transaction.
